{"id":130709,"date":"2022-12-27T09:36:09","date_gmt":"2022-12-27T09:36:09","guid":{"rendered":"https:\/\/fin2me.com\/?p=130709"},"modified":"2022-12-27T09:36:09","modified_gmt":"2022-12-27T09:36:09","slug":"63-3-it-returns-filed-for-rs-5-lakh-or-less","status":"publish","type":"post","link":"https:\/\/fin2me.com\/business\/63-3-it-returns-filed-for-rs-5-lakh-or-less\/","title":{"rendered":"63.3% IT Returns Filed For Rs 5 Lakh Or Less"},"content":{"rendered":"

Assessment year 2020-2021 saw returns filed fall to 69.7 million and stood at 71.4 million in assessment year 2021-2022.<\/strong><\/p>\n

Nearly two-thirds of the returns that individuals filed were for income of Rs 5 lakh or less, according to a Business Standard<\/em> analysis of the latest available tax data.<\/p>\n

This comes amid reported discussions about raising the minimum threshold at which income tax is paid.<\/p>\n

A total of 63.3 per cent of the total income tax returns that individuals filed were for an amount equal to or less than Rs 5 lakh, showed an analysis of the income tax data for the latest available assessment year of 2018-2019.<\/p>\n

An income tax return (ITR) is a form that entities submit to the government with details about their income, and taxes paid or owed.<\/p>\n

Another 26.7 per cent of individual returns were for amounts more than Rs 5 lakh and up to Rs 10 lakh.<\/p>\n

Only 10 per cent of the income tax returns filed were for an amount greater than Rs 10 lakh (chart 1).<\/p>\n

A total of 55 million individuals filed tax returns in assessment year 2018-19.<\/p>\n

The assessment year broadly corresponds to the year after the income is earned.<\/p>\n

Thus, the numbers would largely cover the income of financial year 2017-2018 (FY18).<\/p>\n

These 55 million individuals declared Rs 34 trillion in income.<\/p>\n

Those earning over Rs 10 lakh accounted for the largest share at 38.1 per cent.<\/p>\n

Those earning between Rs 5 lakh-Rs 10 lakh accounted for 29.4 per cent.<\/p>\n

Those at or below the threshold of Rs 5 lakh accounted for 32.6 per cent of the total amount.<\/p>\n

The declared amount included income from salary, capital gains, house property, interest, business and other sources.<\/p>\n

Salary was the largest source of income for individuals at Rs 20 trillion.<\/p>\n

This was followed by business income at Rs 9.3 trillion.<\/p>\n

Individuals accounted for the bulk of all the income that tax filers declared.<\/p>\n

They accounted for Rs 34 trillion of the Rs 51 trillion in gross total income declared for assessment year 2018-2019.<\/p>\n

In other words, they accounted for nearly Rs 7 out of every Rs 10 declared to the government as gross total income.<\/p>\n

Their share in the total number of returns filed has also been rising with time.<\/p>\n

The data about returns filed is in terms of financial years.<\/p>\n

Individuals accounted for 92 per cent of returns filed in FY14, which rose to 94 per cent in FY19 (chart 2).<\/p>\n

The number of returns filed had hit a high of 72.6 million in assessment year 2019-20, which broadly covers income for FY19.<\/p>\n

Assessment year 2020-2021 saw returns filed fall to 69.7 million and stood at 71.4 million in assessment year 2021-2022.<\/p>\n

‘The surge of filing ITRs peaked on 31st July, 2022 (due date for salaried taxpayers and other non-tax audit cases) with over 7.24 million ITRs being filed on a single day — on 31st July, 2022. The total ITRs filed till 31st July, 2022 for AY 22-23 is about 58.3 million,’ said a government statement on August 1.<\/p>\n

This included only non-audited returns, according to a statement from the income tax department.<\/p>\n

<\/p>\n

<\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Assessment year 2020-2021 saw returns filed fall to 69.7 million and stood at 71.4 million in assessment year 2021-2022. Nearly two-thirds of the returns that […]<\/p>\n","protected":false},"author":3,"featured_media":130708,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"yoast_head":"\n63.3% IT Returns Filed For Rs 5 Lakh Or Less - Fin2me<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/fin2me.com\/business\/63-3-it-returns-filed-for-rs-5-lakh-or-less\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"63.3% IT Returns Filed For Rs 5 Lakh Or Less - Fin2me\" \/>\n<meta property=\"og:description\" content=\"Assessment year 2020-2021 saw returns filed fall to 69.7 million and stood at 71.4 million in assessment year 2021-2022. 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